New data from the Department of Commerce show that new-home sales in December 2018 posted a seasonally adjusted annual rate (SAAR) of 621,000, down 2.4 percent annually.
Over the previous month, new-home sales were up 3.7 percent. The median sales price for new homes was $318,600, down seven percent annually, and inventory had 6.6 months worth of housing stock, considered a balanced market, MarketWatch reports. Freddie Mac deputy chief economist Len Kiefer tweeted:
Are new home sales getting back on track?
— Leonard Kiefer (@lenkiefer) March 5, 2019
Lost momentum in the fall of 2018, but look to be stabilizing pic.twitter.com/qD99sruO8U
The government’s reports on the new-construction housing market are based on small samples, and are thus prone to big revisions. This winter, they have also been badly delayed by the government shutdown. On Friday, the Commerce Department will release January housing starts figures, which will help give a sense of the pace of building activity during that month. New-home sales for January are set for release next week.
